The markets respond...

...to last night's decision by the Bank of Japan to cut their lending rates effectively to zero. As of the time of this post gold has shattered another nominal record rising by more than $25 and is trading at $1341.70 oz. Silver is up by more than 4% and is trading at $22.85 oz, a new 30 year high. (Anyone know where the Hunt brothers are these days?)

The currency war continues as the world's central banks race to see who can incinerate the value of their paper money the fastest. Fasten your seat belts folks, it's gonna get bumpy. I don't ever remember being this bearish on bonds as an asset class.